NEW IBERIA, LA., February 20, 2013 – Small business owners and advocates in New Iberia met today with U.S. Representative Charles Boustany (R-3rd District) on efforts to repeal the costly Health Insurance Tax (HIT) that was included in the president’s health care plan, the Patient Protection and Affordable Care Act (PPACA).
During the event, New Iberia business owners had the chance to discuss the serious impact the HIT could have on their businesses and employees with Representative Boustany, who recently introduced bipartisan legislation, co-sponsored by Representative Jim Matheson (D-UT), that seeks to repeal the HIT.
“While small businesses struggle to make ends meet during one of the deepest and longest recessions in recent history, Louisiana’s economy needs a boost, not another tax,” said Michael Flash, owner of Dixie Electric, Inc. in New Iberia, LA. “I care about the health of my employees and have been committed to providing them with quality health care options, but this tax could make that difficult moving forward. I am proud that we have local representation fighting for the future of my business and our community.”
The HIT is a discriminatory tax born from the president’s health care plan, which would impose more than $100 billion in new taxes on the small business community, their employees and the self-employed. The HIT could impact more than 390,000 Louisiana small businesses and over 1.6 million workers and families.
Under the law, the tax will be imposed almost entirely on what’s known as the “fully insured market,” where 87 percent of small business owners purchase their insurance. The tax would raise the cost of health insurance premiums for families by approximately $5,000 over the next decade according to an analysis by former CBO Director Douglas Holtz-Eakin.
“We believe it is important that our representatives in Washington hear from the businesses and workers who contribute to the financial growth and prosperity of our state,” said Renee Amar, Louisiana State Director for the National Federation of Independent Business. “Representative Boustany has taken a critical first step in introducing a bill to eliminate this harmful tax and we hope his colleagues in Washington follow his lead.”
Today’s event was hosted by the Greater Iberia Chamber of Commerce and members of the Stop The HIT Coalition, which represents small business owners, their employees and the self-employed who support a repeal of the HIT and seek to educate policymakers about the impact of the pending tax.
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The Stop The HIT Coalition represents the nation’s small business owners, their employees and the self-employed who are actively working to repeal the Health Insurance Tax. Since the Coalition’s formation in 2011, it has grown to include more than 35 national organizations, representing millions of small business owners across the country. For more information, please visit www.StopTheHIT.com.